Cuttack: The Orissa High Court has cancelled the re-engagement of retired bureaucrat Gopabandhu Satpathy as managing director (MD) of Odisha State Cooperative Bank Ltd, Bhubaneswar.
While hearing a PIL filed by Benu Madhav Tripathy, the two-judge bench of Chief S Muralidhar and Justice M S Raman observed that the re-engagement was done without the mandatory approval of RBI and Registrar of Cooperative Society. The court ruled that “it is unsustainable in law as per the Banking Regulation Act”.
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Satpathy was re-engaged with effect from March 1, 2022, for a period of one year. The petitioner had challenged the General Administration and Public Grievance Department in this regard and sought the HC’s intervention for quashing it.
